The Plum Card® from American Express, a GET.com advertiser, is a business charge card that gives business owners the option to pay in full every month or carry a balance for up to 60 days with no interest. Besides being handy when you need to make big ticket purchases, this card lets you enjoy an early pay discount with no cap on what you can earn back. We will elaborate more on this later, along with the cardholder benefits you have access to.
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The Plum Card® from American Express
Introductory annual fee of $0 for the first year, then $250
Why we like it
|Related Links Read our review of The Plum Card® from American Express or view more details of The Plum Card® from American Express. See more American Express credit cards.|
Here, GET.com provides answers to key questions about how The Plum Card® from American Express works and what it offers.
Questions And Answers For The Plum Card® from American Express
Answer: The Plum Card® from American Express is a card you can consider if you are an established business owner who's on the lookout for an American Express charge card that offers flexibility when it comes to making your monthly payments. This Card comes with two unique payment options every month: (1) You can receive a 1.5% early pay discount with no cap on part of your statement balance as long as you pay within 10 days of your statement closing date; and (2) you can take up to 60 days to pay the rest of your statement balance without interest so long as you pay the Minimum Due by the Payment Due Date.
This card feature gives you opportunity to earn rewards while giving you extra days to pay your bill altogether. A win-win for you and your business. Your 1.5% early pay discount will be reflected as a credit on the following billing statement, so no further effort is required on your end.
Answer: Yes, The Plum Card® from American Express lets you buy big ticket purchases as it does not come with a preset spending limit. It gives you purchasing power that can adjust with your use of the Card and other factors such as your credit record, payment history and financial resources known to American Express.
Adding on to the part on having flexibility when it comes to monthly payments, you can choose your billing cycle according to the arrangement that works best for you and your business. You can choose to receive your bill at the beginning, middle or end of the month. Remember, you will get 1.5% back when you pay within the first 10 days of your statement closing date!
On top of that, The Plum Card® from American Express offers protection and benefits when you are doing business on the road. These benefits include 24/7 global assistance when you travel more than 100 miles from home; up to $100,000 coverage in travel accident insurance; baggage insurance plan for eligible lost, damaged or stolen baggage; premium roadside assistance; and car rental loss and damage insurance. Terms, exclusions and restrictions apply. This Card has an introductory annual fee of $0 for the first year, then $250 (See Rates & Fees).
This Card has no foreign transaction fees (See Rates & Fees), either. This benefit lets you make international purchases for your business without having to pay a fee - typically most cards that charge this fee charge 3% of each transaction made in a currency other than US dollars so you can save a lot of money by avoiding these fees if you travel frequently or shop online in foreign currencies.
The Plum Card® from American Express also offers benefits like extended warranty, purchase protection, dispute resolution in addition to letting you enjoy Amex Offers, share your ideas, receive tools, advice and information for growing your business from industry experts and other fellow business owners thanks to OPEN Forum®.
Answer: Absolutely, you get additional flexibility with Employee Cards at no additional cost. Having Employee Cards make it easier for you to monitor and stay on top of employee spending, while also possibly making it easier for your employees to do their job. You can set spending limits on these Employee Cards as well. You can also add the Employee Cards to your account and pay early to take advantage of the 1.5% early pay discount on employee spending.
Answer: Yes, the expense management tools that you have access to will help you track and organize expenses efficiently. For example, your designated Account Manager can access and help manage your Business Card account when you aren't available. Spend ManagerSM is a handy feature that lets you add receipts and notes to your transactions either through your mobile device or desktop. And Connect to Quickbooks® lets you label and transfer your transaction data directly from your American Express online statement into your Quickbooks account. Other features that you can use include account alerts, online statements, mobile and tablet apps and year-end summary.
Answer: The Plum Card® from American Express has an introductory annual fee of $0 for the first year, then $250 (See Rates & Fees).
Answer: Yes, there is a late payment fee of $38 or 1.5% of the past due amount, whichever is greater. If you do not pay for two billing periods in a row, the fee is the greater of $38 or 2.99% of the past due amount (See Rates & Fees).
Answer: No, you can get this Card only if you have excellent credit. If you do not have excellent credit at the moment, you may want to take a look at other business cards on the market instead.
Answer: No, The Plum Card® from American Express does not offer free access to your credit score.
Answer: You can consider applying for The Plum Card® from American Express if your business has a positive cash flow and strong credit history. This Card makes a good choice if you are looking for an American Express charge card that offers flexibility on monthly payments.
Besides letting you defer your payments interest-free for up to 60 days, this Card lets you get a 1.5% early payment discount when you pay part (or even all) of your statement balance within 10 days of your statement closing date. As for the free Employee Cards, you can get the 1.5% early payment discount on Employee Spending as well if you add these cards to your account and make it a point to pay early. So although it has an introductory annual fee of $0 for the first year, then $250 (See Rates & Fees), this amount could be easily covered if you have a lot of business expenses on the Card every month and you pay them off within 10 days of the statement closing date.
In addition to the slew of perks, benefits and expense management tools you have at your fingertips, you get to save money on foreign transaction fees since this Card has no foreign transaction fees (See Rates & Fees). It also lets you unlock new opportunities with a spending limit that can grow with your business.
For rates and fees of the The Plum Card® from American Express, please click here.
More about The Plum Card® from American Express:
Read Our The Plum Card® from American Express Review
Best American Express Cards For Small Business
Best Small Business Credit Cards for 2019